ML350 Server with Linux Over Temp and Modulated Clock Mode. Help!

Hi, We have a new Proliant ML350 G4 Server with twin Xeon 3.6Ghz CPU's, 2GB of RAM, and 220GB RAID 5. I am experiencing problems under Linux. Whenever the CPU gets hit (and not even particulary hard), it spews messages all over the screen about CPU#n Running in modulated clock mode, and CPU#n Temperature above threshold. I cannot believe that this is giving a true reading. The server has two dirty big copper core heatsinks, both with their own fans bolted to the side, plus the optional huge fan in the case that revs up pretty quick. The heatsinks also feel cold under all loads. I have tried this with SuSE Pro 9.2, 9.3, 10.0, SuSE Enterprise 9.0, and RedHat Fedora. I can get rid of the messages my remarking out the line *.emerg in /etc/syslog.conf. This is like disabling the oil light in your car though!! Even with the messages stopped though, the messages log file shows that the CPU is still being throttled. I cannot believe that this is normal. Other servers don't do this. This beast should be able to handle this load without even breaking out in a sweat. BTW - I am only loading the minimal text only install as that's all we need. Any advice most welcome. Thanks.